Effects of Bankruptcy

If the owners / business could not pay off its debts when they fall due, and have not been able to reach an agreement with the creditors, as a sole proprietor or partner, you may decide to go bankrupt.

Bankruptcy will affect your daily life. Among other things:

· you may find it difficult to borrow money,

· you must have written permission from your trustee to travel overseas,

· it could affect your job opportunities, and

· a bond or surety is needed to secure rent, electricity, water or telephone connections.